Ciena Corporation has announced its unaudited financial results for the fourth quarter ended October 29, 2022. For the fourth quarter of the fiscal year 2022, Ciena reported revenue of $971.0 million as compared to $1.04 billion for the fourth quarter 2021. For fiscal year 2022, Ciena reported revenue of $3.63 billion, as compared to $3.62 billion for fiscal year 2021.
Ciena’s generally accepted accounting principles (GAAP) net income for the reported quarter was $57.6 million, or $0.39 per diluted common share, which compares to a GAAP net income of $103.5 million, or $0.66 per diluted common share, for the corresponding quarter of fiscal year 2021. For fiscal year 2022, Ciena’s GAAP net income was $152.9 million, or $1.00 per diluted common share, as compared to GAAP net income of $500.2 million, or $3.19 per diluted common share, for fiscal year 2021.
Meanwhile, Ciena’s adjusted (non-GAAP) net income for the quarter was $90.9 million, or $0.61 per diluted common share, which compares to an adjusted (non-GAAP) net income of $132.7 million, or $0.85 per diluted common share, for the fourth quarter of 2021. For fiscal year 2022, Ciena’s adjusted (non-GAAP) net income was $288.9 million, or $1.90 per diluted common share, as compared to adjusted (non-GAAP) net income of $456.5 million, or $2.91 per diluted common share, for fiscal year 2021.
Further, the gross margin for the quarter stood at 44.7 per cent, as compared to 45.8 per cent in the corresponding quarter of fiscal year 2021. The operating margin was 8 per cent, as against 13.2 per cent in the fourth quarter of 2021.
Commenting on the results, Gary Smith, president and chief executive officer, Ciena, said, “Our strong fiscal fourth quarter financial results were better than expected as we benefited from some favourable supply chain developments in the second half of the quarter. Looking ahead, we expect to deliver outsized revenue growth in fiscal 2023 given our significant backlog and continued signs of gradual supply improvement. And, we remain confident that the durability of secular demand drivers and our strategic investments to expand our addressable market position us to deliver strong revenue growth over the next several years.”
